Aptos Network uses the Move smart contract language as its underlying programming model. While Move is designed for a secure smart contract ecosystem, any flaw in the implementation of Move itself can compromise these properties. At Aptos Labs, we are working with our community to make Move as secure as possible. We invest in tools for creating correct smart contracts (such as Move Prover, primarily developed by Aptos) and correctness in runtime core components such as Move Virtual Machine. This article describes how we can work with partners to achieve the latter through audits of underlying implementations, bug bounties, fuzzing, and security hardening.
What Is Aptos (APT)?
Aptos is a Layer 1 Proof of Stake (PoS) blockchain that employs a new smart contract programming language called Move. Move is a Rust-based programming language originally developed by his Diem blockchain engineer at Meta (formerly Facebook).
Aptos' vision is a blockchain that will bring mainstream adoption to web3 and empower an ecosystem of DApps to solve real-world user problems.
A PoS blockchain can achieve a theoretical transaction throughput of over 150,000 transactions per second (tps) with parallel execution.
In March 2022, Aptos raised his $200 million in a seed round led by his venture capital firm Andreessen Horowitz (a16z). Other cryptocurrency giants such as Tiger Global and Multicoin Capital also participated in the funding round. In July, the startup raised another $150 million in a series A round led by Sam Bankman-Fried's FTX Ventures and Jump Crypto.
Two months later, Binance Labs made an undisclosed amount of its strategic investment in Aptos, valuing him at $4 billion in September.
On October 18, 2022, Aptos announced the launch of its mainnet, while Aptos Genesis occurred on his October 12, 2022.
Does Aptos (APT)Have Future?
High inflation and a very dangerous macro situation have played a big part in Bitcoin's price in 2022. Given the internal crypto troubles with big players such as FTX, Celsius, Voyager and Luna, 2023 doesn't look too good for the bulls. You'll probably see a lot of boring sideways price action that tends to go down after every minor market shake.
CaptainAltcoin's predictive model takes market sentiment into account and reacts accordingly. Below is a month-by-month breakdown of 2022 and his last month of 2023.
Our prediction model sees Aptos reaching $ 10.57 in 2025.
The price of Aptos in 5 years could lie around $ 8.97, according to CaptainAltcoin’s prediction model.
Who Are the Founders of Aptos?
Aptos is the brainchild of former Meta employees Mo Sheikh and Avery Ching. The current CEO of Mo is a founder with many years of experience in international financial services and blockchain/crypto. According to his LinkedIn profile, he specializes in product scaling and has experience in the private equity and venture capital markets.
Meanwhile, Ching is the CTO of Aptos. He is a software engineer and was one of Meta's chief software engineers.
The duo collaborated with blockchain project Meta Diem. When the Diem project closed in January 2022, Sheikh and Ching decided to join forces to create Aptos Labs.
Other members of the Aptos team include Diem researchers, designers and engineers.
Is Aptos a good investment?
Given the current bearish trend in Aptos price volatility, we expect the cryptocurrency to continue to react to price declines. Invest wisely and keep DYOR in mind when investing in all types of assets
Aptos Review: APT Any Potential?
Last week, the Aptos network, dubbed Solana Killer, officially went live. Shortly thereafter, the APT coin was listed on all major cryptocurrency exchanges, and its price skyrocketed for several days.
However, due to the crypto project’s close ties to big tech, high VC backing, and a messy mainnet run, many in the crypto community have questioned Aptos’ ending game.
Today, I will tell you everything you need to know about Aptos, including where it came from, who works how, the APT tokenomics, and whether this crypto project has potential.
Aptos History
As some of you may know, the history of Aptos begins with DIEM. For those unfamiliar, DIEM was Facebook's current failed digital currency project META.
Facebook's blockchain division started work on DIEM in 2017. At the time, DIEM was known as Libra. Libra was meant to be a centralized blockchain controlled by Facebook and its members, unlike a true cryptocurrency today.
The Libra coin itself was supposed to be a stablecoin backed by the fiat currency of the basket. Interestingly, Libra was actually supposed to be decentralized in five years.
When Libra opened to the public in 2019, governments around the world went into crisis mode. The idea of a large technology company with billions of users issuing their own digital currency horrified them. If you read our article on the regulation of cryptocurrencies, you will find that they are heavily inspired by Libra.
The regulators are cracking down on Libra harder than the asteroid that wiped out all the dinosaurs 66 million years ago, and Libra is trying to abandon their decentralization plans, bowing down to the global banks and all the bureaucracy. I even tried to rebrand myself as DIEM to get over the job. It did not work out and DIEM passed away in January of this year.
But that hasn't stopped some DIEM developers from launching their own crypto projects. As far as I know the first one is Aptos and the second one is SUI. SUI has recently raised $300 million from crypto venture capital firms but has yet to launch the mainnet.
About Aptos. Founded at the end of 2021. like a fun fact. Aptos is the name of an unincorporated city on the California coast. Aptos is said to mean people in the region's indigenous language, but some sources say it means the meeting of two bodies of water.
In any case, the name after the coastal region in California is one of the many similarities between Aptos and Solana. For context, Solana is named after a Californian seaside town about 30 minutes north of San Diego. No wonder Solana and Aptos are based in Silicon Valley.
About Aptos
Aptos was founded by Mohammed Sheikh and Avery Ching. Mohammad has an MBA and his previous work experience is frighteningly impressive. His resume includes BlackRock, Boston Consulting Group, Ethereum Scaling Consensus, and of course META.
Avery, on the other hand, has a PhD in computer science and has spent much of her career as a chief software engineer at Facebook. I also noticed that Avery worked for a time at the Los Alamos Research Institute in Nevada, known for its military research.
Curiously, Aptos reportedly has over 350 developers working on the blockchain. However, only Mohammad and Avery are listed on the company website as part of the Aptos Labs team. Aptos Labs LinkedIn also has just 78 employees.
Even stranger is the lack of information about the Aptos Foundation or its members overseeing the development of cryptocurrency projects. The website's terms of service clearly state that the Aptos Foundation is based in the Cayman Islands. Remember that Aptos Labs is based in the United States.
Despite these characteristics, Aptos managed to raise $350 million in venture capital from various teams in two funding rounds. The first round of funding was $200 million in March of this year, and the second was $150 million in July of this year. The Aptos white paper was published in August.
Aptos' second funding round was especially significant as it was led by FTX Ventures. FTX is one of the largest if not the largest investor in Aptos. Another thing Solana and Aptos have in common is the massive investment from FTX.
FTX's investment in Aptos seems to have made Binance nervous or even more optimistic. Some believe that this indicates the serious potential of Aptos.
Recognizing that Aptos uses proof-of-stake blockchain, the venture capital battle makes sense. This means that the organization that owns the most APTs will have the most influence on the blockchain. In the case of Aptos, this impact on investors is particularly acute due to Aptos' upcoming network management.
It's also important to note that one of the biggest investors in Aptos' first funding round was Three Arrows Capital, a notorious cryptocurrency hedge fund that filed for bankruptcy earlier this year. Unfortunately, Aptos removed all mention of 3AC from their blog.
How Much Aptos is in Circulation?
APT is the native currency of the Aptos blockchain. At the time of writing, it has an initial total supply of 1 billion and a circulating supply of 130 million APT.
The distribution looks like this. Community (51.02%). Major participants (19.00%), funds (16.50%), investors (13.48%).
About 80% of the community quota belongs to the Aptos Foundation, and the rest is owned by Aptos Labs. This will be used to support the growth of the community and Aptos Foundation initiatives, with the rest to be opened monthly for the next 10 years.
Investors and core participants will follow a four-year vesting schedule from the launch of the mainnet. The Aptos team has announced a giveaway of 20 million APT tokens to early testnet users on October 19, 2022.